TORONTO, April 2, 2013 /PRNewswire/ -- Western
Graphite Inc. (OTCBB: WSGP) is pleased to announce that it has
acquired 100% of the "Pure Flake" graphite property in BC. The
flagship project "Pure Flake property" is located in British Columbia, Canada and is comprised of
five contiguous mineral claims covering approximately 6,088 acres.
Western Graphite now has its flagship property nearby one of the
very few producing natural flake graphite mines in North America. The Pure Flake property is also
closely located to the US border for easy and cost efficient
exportation of the property's graphite. Western Graphite is excited
to be an early mover in an emerging graphite camp with current
production in close proximity to our project area. The company is
fortunate to add this asset to its property portfolio.
The company's second property "Amorf Graphite Property" is
located in Southern Turkey and is
comprised of 1,225 acres. The Amorf property is also in close
proximity of a sea port which will allow for easy exporting to
international markets by sea. Demand for graphite in Europe is on the rise and is expected to
increase exponentially. Our Turkish property is perfectly
positioned to begin to export our raw materials into Europe by ship. Amorf property is currently
not fully acquired, 50% of the agreement has been accomplished and
the remaining 50% is still owed to the property owner. The
financial terms of the agreement are a sale price of the Amorf
property for the amount of $3 million
USD in stock and cash.
Today graphite prices are soaring and expected to continue to
increase as demand for clean energy increases. The strong growth in
graphite demand is driven by a combination of steady growth in
traditional uses such as steel production, lubricants, brake
linings and Lithium Ion batteries as well as double digit growth
from new applications, this includes portable electronics and
hybrid and electric vehicles as well as developing markets such as
solar and wind power, pebble bed nuclear reactors and fuel cells.
With graphite expected to play a significant role in tomorrow's
high tech electronics, lightweight vehicles and in a majority of
clean energy technologies, demand is expected to continue to expand
rapidly. Western Graphite aims to develop and then advance its
project into production to capture these favorable graphite market
conditions.
About Western Graphite Inc.
Western Graphite is a publicly traded US exploration company
focused developing its property in Canada and Turkey, which comprises almost 7,313 acres
which is one of the largest land portfolios within a public
graphite company. Western Graphite aims to be a major world
class producer of graphite and become a major supplier of this
commodity. Our goal is to become a large enough producer so as to
help North America become graphite
self-sufficient, avoiding the need to import from foreign
producers. www.westerngraphite.com
Contact:
Hudson's Bay Centre. 2 Bloor Street, Suite 3500
Toronto Ontario M4W 1A8
(416) 915-1661
Email: info@WesternGraphite.com
Website: www.westerngraphite.com (visit website for
detailed info on company)
Safe Harbour Statement:
Some information in this press release constitutes
forward-looking statements or statements which may be deemed or
construed to be forward-looking statements such as but not limited
to, the quality and concentration of minerals present on the Pure
flake or Amorf Graphite property's, the carrying out of planned
exploration programs and results analysis, the establishment of
probable or proven resources, and the possible future economic
production of minerals. The words "plan", "forecast",
"anticipates", "estimate", "project", "intend", "expect", "should",
"believe", and similar expressions are intended to identify
forward-looking statements. These forward-looking statements
involve, and are subject to known and unknown risks, uncertainties
and other factors which could cause the Company's actual results,
performance (financial or operating) or achievements to differ from
the future results, performance (financial or operating) or
achievements expressed or implied by such forward-looking
statements. The risks, uncertainties and other factors are more
fully discussed in the Company's filings with the U.S. Securities
and Exchange Commission. All forward-looking statements
attributable to Western Graphite Inc. herein are expressly
qualified in their entirety by the above-mentioned cautionary
statement. Western Graphite Inc. disclaims any obligation to update
forward-looking statements contained in this press release, except
as may be required by law.
This announcement may also contain information about adjacent
properties on which we have no right to explore or mine. We advise
U.S. investors that the SEC's mining guidelines strictly prohibit
information of this type in documents filed with the SEC. U.S.
investors are cautioned that mineral deposits on adjacent
properties are not indicative of mineral deposits on our
properties.
SOURCE Western Graphite Inc.